economic and market outlook - pitcher … · economic and market outlook january 2019 this is...

Economic and Market Outlook

January 2019

This is general advice only, provided by Pitcher Partners Sydney Wealth Management Pty Ltd, AFS and Credit Licence 336950.

Part 1: OverviewHow quickly the tide can turn. The synchronised recovery in global growth that began in 2016 had become relatively strong in the first half of 2018 and looked set to continue. In recent months, however, signs of a slowdown in global growth have begun to emerge, triggered by several factors that we will discuss below.

The trade war between the United States and China that has resulted in the imposition of tariffs has come at a challenging time for China. Growth in China was already slowing as it tried to reel in the excessive debt burden of state owned enterprises by a crackdown on shadow banking activities that has dampened domestic demand. This crackdown was imperative to reduce the misallocation of resources to unproductive investments that threatened the ongoing viability of some of these enterprises. At the time this policy was seen to be manageable because external demand was strong. Over the 12 months to May 2018, exports to ASEAN countries grew 17.6% and exports to the US expanded by 11.6%. This has now all changed as tariffs begin to bite. In November, total exports from China grew 5.4% from a year earlier, decelerating from a 15.6% increase in October. Imports too have slowed sharply (to only 3% on year in November) as domestic demand deteriorates.

It is not yet clear when the trade war will end. Tariffs are taxes paid at the border, generally by the supplier (or importer) and so increase the final cost of goods. The higher costs are generally passed on to the consumer. The extent to which demand falls will depend on the price of competing goods or substitutes. Demand for discretionary items typically falls more than for essential items. The reduction in demand reduces production and in turn investment and employment along the whole supply chain. Attempts to protect one industry ends up adversely impacting a whole raft of other industries. The policy just doesn’t make economic sense. Yet there is every chance that tariffs will remain because the US is in a far stronger bargaining position than China, who relies heavily on the US to sell its exports. This means Chinese producers are far more likely to absorb at least some of the cost of the tariffs, rather than passing them on to the end consumer, to remain competitive in that market.

Although growth in the United States has been strong, supported by the tax cuts by President Trump, we also expect growth to slow for several reasons. First, the tariffs are starting to reduce export orders. Second, the higher USD which makes US goods more expensive, is exacerbating the slowdown in export orders. Third, with the US economy at full employment, the US Federal Reserve continues to increase interest rates to prevent the economy from overheating. This will reduce the disposable income of mortgage holders and potentially reduce consumption in months to come. Fourth, the effects of the one-off boost to growth from the tax cuts will fade in late 2019. Fifth, the withdrawal of monetary stimulus from the system will no longer support asset prices. This is highlighted by the recent correction on global sharemarkets, which is likely to further reduce consumer and business sentiment.

Outside of the US, the outlook has also become less favourable. Growth in trade exposed Japan has begun to fall. In Europe growth has begun to slow as orders decelerate, Italy grapples with its sovereign debt burden and Britain tries to agree upon a Brexit deal. Elsewhere, the higher USD has unsettled a number of heavily indebted emerging market countries, including Turkey and Argentina, as the cost of servicing their US denominated debt has sky-rocketed, threatening their solvency.

ConclusionIn summary, the prolonged tailwinds that have supported global growth have diminished. It is now clear that we are past the top of the economic cycle which means that growth is likely to slow from here. Historically this can be a difficult time for asset prices as they tend to react rapidly to any change in future expectations, often falling well in advance of the slowdown in the real economy.

International economy

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Part 2: Key economic indicatorsUnited States

Economic snapshot Last reported result Comments

Growth (GDP) 3.4% (annualised) Q3’18

Growth in the quarter was underpinned by strong consumer spending (as a result of Trump’s tax cuts and a strong labour market), but impacted from a widening trade deficit, subdued business spending on equipment and a deteriorating housing market.

Unemployment 3.7% Nov’18 The unemployment rate remained unchanged in November and the number of unemployed persons stayed relatively stable at 6.0 million. Total non-farm payrolls increased by 155,000 in November. The unemployment rate is 0.4% lower than one year ago. Professional and businesses services added 32,000 jobs, health care employment also increased by 32,000 and transportation and warehousing contributed 25,000 positions to the payrolls figure.

Industrial production

0.6% m/m Nov’18

3.9% y/y Nov’18

The solid reading in industrial production was driven by a 3.3% increase in utilities, with increases for both electric and gas utilities, as demand was driven by the cold weather. production.

ISM Manufacturing PMI

59.3 Nov’18

61.3 Aug’18

The PMI reading of 59.3 in November was 1.6 percentage points higher than October. A reading greater than 50 indicates the sector is in an expansion mode, whilst a reading below 50 indicates the sector is in a period of contraction.

Retail sales 0.2% m/m Nov’18

4.2% y/y Nov’18

Retail sales slowed in November, impacted by a steep drop in sales from gasoline stations as a result of the significant decline in oil prices. The core retail sales figure (which excludes autos, gasoline, building materials and food services) increased 0.9% during the month.

Credit growth 7.7% y/y Oct’18 Credit increased by 7.7% year-on-year and sits at $3.96 trillion.

Outlook The economic indicators emanating from the United States continue to weaken, aided by uncertainty in regards to how both the trade war and interest rate re-adjustment process will play out. We expect growth to slow throughout 2019 with risks increasing of a possible recession in 2020.

Eurozone

Economic snapshot Last reported result CommentsGrowth (GDP) 0.2% q/q Q3’18

1.6% y/y Q3’18

Growth over the quarter slowed to 0.2%, the weakest growth rate in four years.

Unemployment 8.1% Oct’18 The unemployment rate remained unchanged over the month but is down from 8.8% one year earlier and sits at ten-year lows.


0.2% m/m Oct’18

1.2% y/y Oct’18

Industrial production increased over the month, supported by growth in the production of capital goods and durable consumer goods.

Manufacturing PMI 51.8 Nov’18

54.6 Aug’18

The PMI fell in November to its weakest reading since August 2016 but continues to indicate that the manufacturing sector is in an expansionary phase.

Retail sales 0.3% m/m Oct’18

1.7% y/y Oct’18

The monthly reading was positively impacted by a 1.0% rise in automotive fuel and a 0.6% increase in sales of food, drinks and tobacco.

Credit growth 2.9% y/y Oct’18 The annual growth rate of total credit to euro area residents decreased to 2.9% in October 2018 from 3.0% in September. The annual growth rate of credit to general government decreased to 2.6% in October from 3.1% in September, while the annual growth rate of credit to the private sector remained steady at 3.0% in October.

Outlook The solid growth the Eurozone experienced in 2017 continues to ease. The unresolved trade war between China and the US is likely to lead to more muted growth outcomes across Europe, compounded by the ongoing economic crisis in Italy as well as the risks of a disorderly Brexit. 3

China


Growth (GDP) 1.6% q/q Q3’18 6.5% y/y Q3’18

China’s growth rate weakened in the third quarter to the same level as the Government’s full year annual target of 6.5%.

Unemployment 4.9% Oct’18 The urban surveyed unemployment rate remained stable in October.


5.4% y/y Nov’18 6.1% y/y Aug’18

Industrial production continues to weaken as the trade war between China and the US deepens. The yearly reading was the weakest since 2009.

Manufacturing PMI 49.4 Dec’18

50.8 Sep’18

The latest reading of 49.4 indicates that Chinese economic activity contracted for the first time in two and a half years.

Retail sales 8.1% y/y Nov’18 9.0% y/y Aug’18

Retail sales grew at the weakest annual rate since 2003 in November as the trade war deteriorates.

Fixed asset investment

5.9% calendar y/y Nov’18

5.3% calendar y/y Aug’18

Fixed asset investment (FAI) continues to be weak, although it has picked up pace over the past three months. The measure continues to be negatively impacted by the same factors affecting industrial production (noted above).

Outlook China’s economic indicators continue to deteriorate, impacted by the trade war and the ongoing deleveraging of the domestic economy. Further stimulus could be expected should the rate of growth slow beyond what Authorities deem to be acceptable.

NB: The Manufacturing PMI data is compiled by the China Federation of Logistics & Purchasing (CFLP) and the China Logistics Information Centre (CLIC), based on data collected by the National Bureau of Statistics (NBS). The Manufacturing PMI data is not the Caixin Manufacturing PMI.

Japan


Growth (GDP) -0.6% q/q Q3’18

0.0% y/y Q3’18

The economy contracted at its fastest pace in four years, as private investment decreased by 2.8%.

Unemployment 2.5% Nov ‘18 The unemployment rate remains around multi-decade lows. The unemployment rate remains around multi-decade lows, albeit slightly above October’s reading.


2.9% m/m Oct’18

4.2% y/y Oct’18

Industrial production rose solidly over the month and the annual reading gathers pace, aided by strong shipment levels.


52.5 Aug’18

The latest reading of 52.2 implies the manufacturing sector has now been in an expansionary phase for over two years.

Retail sales -1.0% m/m Nov’18

1.4% y/y Nov’18

Retail sales slowed in November and remain muted over the year.

Outlook The Japanese economy is showing signs of weakening, in line with a slowdown in global trade. Downside risks are significant, notably an escalation in the trade war between the United States and China, which would constrain growth outcomes for export driven economies such as Japan.

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Part 1: OverviewThe Australian economy, like its worldwide counterparts, is showing signs of waning. Growth of 0.3% in the third quarter represented the weakest rate of expansion since September 2016, slowing the annual reading to 2.8%. Strength in mining exports, and to a lesser extent dwelling and business investment, helped offset the weakest household spending reading in five years. Spending on discretionary items such as cars, furniture and alcohol was particularly anaemic, perhaps an early sign of faltering consumer confidence.

Nevertheless, the Reserve Bank of Australia (RBA) recently upwardly revised its GDP forecasts for 2018 and 2019 to 3.5% for both years. The RBA’s optimism stems from solid underlying near term momentum, aided by the strong pipeline of infrastructure spending, business investment and export growth. Indeed, planned private capital expenditure for 2018-19 has jumped to a higher-than-anticipated $114.1 billion, from the previous estimate of $102 billion. The manufacturing and mining industries are tipped to power the investment rebound, as the drag from resources eases and the industry transitions from construction to the less capital-intensive production and maintenance phase. The ratcheting up of private investment complements strong public sector infrastructure investment, particularly in NSW and Victoria.

Despite these positive signals, there are clear downside risks. First, the trade war between China and the United States is already having an adverse impact on demand for Chinese goods. As Australia’s largest trading partner, this slowdown in China will inevitably flow through to a reduction in demand for Australian resources, which is likely to lead to lower domestic production and investment intentions. This will be exacerbated by the slowdown in global growth generally.

Second, consumers are beginning to show the strains of persistent subdued wages growth. Consumers are resorting to using their savings to support spending habits. This is evident in the household savings rate dropping to 2.4%, a level not seen since the start of the GFC. This drawdown supports spending in the short term but is not sustainable. If households defer (or lower) consumption and increase savings, this will further dampen household spending and impact economic growth.

Third, as Sydney and Melbourne house price falls gather momentum, a growing source of economic uncertainty is whether weaker asset prices will trigger a further slowdown in household spending (the negative wealth effect) over the coming year. Given the very high levels of household debt, should the correction in housing gather more momentum, there is a real risk that over-exposed households begin to deleverage, resulting in falls in both consumer spending and credit growth that would result in a recession.

Fourth, the correction in housing prices, is likely to dampen demand for residential construction and supporting industries, such as building suppliers, whitegoods and furniture retailers. Given this sector represents a reasonable proportion of GDP, the overall drag on growth has the potential to be significant.

ConclusionWe expect growth in Australia to slow in 2019 but remain positive, supported by employment, infrastructure and mining exports (particularly iron ore, coal and natural gas). Asset prices however are likely to continue to come under pressure which could further weaken sentiment and increase the risk of a recession but this may well be averted by the RBA reducing interest rates later in the year.

Australian economy

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Part 2: Key economic indicatorsEconomic snapshot Last reported result Comments

Growth (GDP) 0.3% q/q Q3’18

2.8% y/y Q3’18

The economy grew at a muted rate in the third quarter after two strong quarters. This reflects subdued household spending patterns as the housing slump in Sydney and Melbourne deepens and wage growth remains constrained. Mining investment and business investment in general were also particularly weak.

12 month outlook Growth is expected to weaken over the year and will likely fall below the RBA’s expectation “to average around 3.5%”.

Retail trade 0.3% m/m Oct’18

3.5% y/y Oct’18

Retail trade was supported in October by non-food retailing. The year-on-year reading remains solid.

12 month outlook Retail sales are expected to remain subdued as high household debt levels combined with muted wage growth, constrain spending.


56.7 Aug’18

The Australian Industry Group (AIG) stated that the Performance of Manufacturing Index (PMI) fell 7.0 points to 51.3 in November. A reading greater than 50 indicates the sector is in an expansion mode, whilst a reading below 50 indicates the sector is in a period of contraction.

12 month outlook We expect the manufacturing PMI to slightly weaken from current levels as the economy slows in 2019.

Business investment (Private new capital expenditure)

-0.5% q/q Q3’18

-0.6% y/y Q3’18

Private new capital expenditure fell over the quarter due to a downturn in mining investment (Buildings and Structures).

12 month outlook Non-mining investment is likely to continue to be supported by robust infrastructure pipelines. The mining investment component of business investment is likely to continue to be subdued.

Unemployment 5.1% Nov’18

5.3% Aug’18

The unemployment rate increased 0.1% in November. There were 12,500 more individuals unemployed. Full-time employment increased 19,300 and part-time employment rose 9,500.

12 month outlook The unemployment rate is likely to decrease to below 5%, benefitting from a strengthening labour market and the absorption of excess capacity.

Inflation and interest rates

Inflation:

0.4% q/q Q3’18

1.9% y/y Q3’18

Interest rate:

1.50% cash rate Dec’18

The Consumer Price Index (CPI) has drifted below the lower end of the RBA’s inflation target band of between 2.0% and 3.0%.

The RBA continues to remain on hold. The cash rate has not changed since August 2016.

12 month outlook If growth slows in 2019 as we expect, there is an outside chance that rates could be reduced by 0.25%. We otherwise expect rates to remain on hold.

Australian Dollar AU$1 = US$0.71 The AUD has weakened further over the quarter as the Federal Reserve continued to normalise interest rates and global growth showed signs of slowing.

12 month outlook As the global economy slows in 2019 we expect further downward pressure on the AUD.

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Australian equities

OverviewThe S&P/ASX 200 Accumulation Index returned -8.2% over the quarter, -6.8% over the six months and -2.8% over the twelve months to 31 December 2018.

OutlookOur outlook for some of the major sectors of the S&P/ASX 200 is as follows:

Banks Recommendation: Retain neutral.

The banking sector continues to face challenging conditions, impacted by the Banking Royal Commission exposing flawed practices across the sector, notably misconduct, fraud and collusion between banks, thereby reducing competition. This has caused reputational damage, vastly increased compliance and regulatory costs and is likely to lead to greater scrutiny of bank practices in the future. The publication of the final report of the Royal Commission into the banking sector is due in February, adding uncertainty as to the recommendations and enforcements which the final publication may contain.

After many years of stable and solid underlying margins and sound credit qualify, margins are seen contracting and credit quality declining. As the cost of wholesale funding increases and competition for new loans gathers momentum, Net Interest Margins (NIM’s) are likely to come under further pressure. Credit quality will be a focal point in an environment of stagnant wage growth, high household

debt and declining house prices, notably in Sydney and Melbourne. Political pressure and public scrutiny into the manner in which banks price their loans are likely to limit the levers the banks may pull to stop the decline in their NIM’s in the slowing credit growth environment. Furthermore, macro-economic and financial market conditions have deteriorated recently, which could pressure earnings in 2019. A further risk is the probability of a Labor win at next year’s federal election. The party has promised to wind back negative gearing concessions, which is likely to affect the demand for new loans.

Although valuations have declined to the point of implying negligible earnings growth, bad debts may indeed lead to larger than expected losses and earnings could decline from recent high watermarks, which would place the attractive dividends at risk. This is offset by good cost control and stronger capital positions across the sector, albeit the latter negatively impacts Return on Equity (RoE).

On balance, although risks remain clearly tilted to the

Source: S&P

S&P ASX200 Accumulation Index

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downside, we believe these are largely captured into the current share prices. Retain Neutral.

ResourcesRecommendation: Maintain modest underweight.

Commodity prices remain solid, notwithstanding the weakening Chinese economy, softening global landscape and increasing trade tensions between the United States and China. The risk is that these tensions will escalate into a full-blown trade war. As China accounts for around half of global commodity consumption, a continued moderation in demand from the world’s second largest economy will inevitably feed through to lower prices of resources.

The larger miners in the sector continue to solidify their balance sheets and engage in capital management initiatives. These miners operate large, long-life, low-cost and expandable Tier 1 assets. Their debt levels continue to be negligible due to their strong production levels and high commodity prices. Cashflows remain strong providing further opportunity to pay special dividends and engage in off-market buy-backs. We maintain our modest underweight recommendation.

RetailRecommendation: Retain neutral.

The retail environment continues to face challenges which show little signs of abating. Consumer confidence continues to be weak as wage growth remains constrained, household debt levels are high, credit conditions tighten further and house price falls in Sydney and Melbourne gather momentum. An ever-increasing number of households are funding their expenses, at least to some extent, by either drawing down their savings or by further increasing their debt.

The retail sector is also feeling the effects of increased competitive pressures. In particular, discretionary consumption continues to wane and the shift to online sales gathers momentum, cutting into the profit margins of traditional brick and mortar retailers as they are forced to discount heavily to generate turnover. This has led to numerous high-profile failures in the sector.

Nevertheless, interest rates are likely to remain relatively low, providing some support for the sector. On balance, valuations of many stocks in the sector appear reasonable but, given the challenges, not compelling. As a result, we maintain our neutral rating.

Australian Real Estate Investment Trusts (AREITs)Recommendation: Maintain modest underweight.

The retail sub-sector remains constrained by subdued consumer sentiment, a result of negligible wage growth, high household debt levels, tightening credit conditions and a partial unwinding of the “wealth effect” as house price falls in Sydney and Melbourne gather momentum. These factors have collectively negatively impacted retail sales. The composition of tenants in retail centres continues to change, as specialty shops offering differentiated products continue to increase and prosper. These retailers do not directly compete with online retailers, and their profit margins are less influenced by competition. Occupancy levels across the sector continue to

remain high at 99%. Furthermore, yields are likely to remain in the 5.0% to 5.5% range over 2019 and operating income growth is expected to be between 2.0% and 2.5%.

The office sub-sector continues to be the healthiest within the AREIT sector, benefitting from solid business investment, long term lease agreements from a diversified and high quality tenant base and a lack of supply coming to market (enhanced by supply withdrawals in Sydney and Melbourne). This has resulted in lower vacancy rates and strong rental growth. The outlook for these markets remains solid as the CBD’s of Sydney and Melbourne are likely to face shortages once the current development pipelines are completed. The Sydney Light Rail and Sydney Metro train projects are likely to promote re-development over a wider footprint of the CBD. We continue to expect yields of around 5.0% over the coming year, supported by low vacancy rates of around 5.0% and strong rental growth.

The industrial sub-sector has been solid in 2018, supported by strengthening e-commerce and logistics demand. This has led to an increase in rental income. Whilst the demand for industrial properties has increased, this has been largely offset by a solid supply of industrial properties coming to market. As online sales continue to rapidly grow, demand for industrial properties situated within close proximity of motorway infrastructure and other transport hubs continues to increase, driving solid capital growth and rental growth over the medium term.

The residential sub-sector continues to decline in the two largest markets of Sydney and Melbourne, whilst returns in other capital cities remain muted. The subdued wage growth environment, the tightening of credit conditions, both locally and internationally, the banking regulator’s macroprudential policies and the lack of investor appetite in the face of high household indebtedness have all reduced demand. In 2019 we continue to expect more cities to record negative capital growth. Sydney and Melbourne continue to experience a glut in the supply of apartments and this will take some time to work through the system. A likely consequence of this is continued price falls over the coming year, which could be made worse by the amount of leverage in the system. Labor’s proposal of a winding back of concessions for negatively geared property is likely to further reduce demand.

We continue to recommend investors remain modestly underweight in the sector. The positives of the sector remain the strong cashflows, attractive distributions and moderate gearing of many AREITs. However, asset prices remain expensive overall, which is likely to limit near-term gains.

ConclusionRecommendation: Maintain neutral.

We expect the Australian sharemarket to remain volatile in 2019 as the broader economy begins to slow. The recent market correction however has rapidly factored in much of this downside and could prove to be too pessimistic. As value has re-emerged on a through the cycle basis, we recommend investors maintain a neutral weighting.

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International equities

OverviewThe MSCI World (ex-Australia) Accumulation Index (local currency) returned -13.2% over the quarter, -8.4% over the six months and -7.0% over the twelve months to 31 December 2018.

Source: MSCI

MSCI World ex-Australia Accumulation (Gross) Index (Local Currency)

The long bull run on global equities that effectively began in mid-2012 is over. The escalation of trade tensions between the United States and China, the normalisation of interest rates and emerging signs of a slowdown in the global economy have all contributed to the decline over the past three months.

Although we have progressively been reducing exposure to international equities for some time now, we thought it more likely that markets would start to fall in 2019 when corporate earnings were likely to show signs of slowing as higher US interest rates fed through to higher debt servicing costs, whilst the stronger dollar and tariffs reduce export orders, lowering profits. This view remains supported by current earnings estimates:

CY18Q3 EPS Growth (observed)

CY18Q4 EPS Growth (forecast)



28.3% 16.9% 6.6% 7.8%

Source: Refinitiv (formerly Thomson Reuters) estimates; growth is shown year on year.

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OutlookWhen the economy is past peak cycle, corporate earnings tend to grow at a slower rate. Although earnings are still growing, markets react rapidly and tend to fall until clear signs emerge about the depth of the economic cycle. This is because the market is concerned about future earnings and so rapidly extrapolate these trends. Unfortunately, economic cycles are not uniform and so in reality market movements represent an educated best guess scenario.

The key issue is whether the recent correction has already factored-in expectations for a future fall in actual earnings. There are many potential permutations but in our view, mid-cycle earnings are probably around 15% below recent peaks. Based on these assumptions we estimate through the cycle fair value for the S&P 500 to be around 2350 points. This implies that the market correction may have further to run (bearing in mind that negative sentiment often drives markets lower).

ValuationsValuation metrics in the United States now appear more reasonable after the recent correction. Measures such as one-year forward price to earnings ratios are now in line with long run averages. Valuations in emerging markets and other developed markets also appear reasonable after recent market weakness.

If mid-cycle earnings fall by 15% from current top of the cycle estimates, then our estimate of fair value for the S&P 500 falls to 2336.

ConclusionRecommendation: Maintain modest underweight.

We expect earnings growth to ease considerably over 2019 in line with an anticipated slowdown in the global economy. This is likely to present a challenging environment for global equities and could precipitate further falls. There is an outside risk however that markets could improve should there be a resolution to the current trade wars and/or if China renews stimulus measures to support growth.

CY2018 CY2019

S&P 500 EPS (operating earnings) $157 $172

S&P 500 (fair value estimate) 2512 2752

If earnings fall by 15%: CY2019

S&P 500 EPS (operating earnings) $146

S&P 500 (fair value estimate) 2336

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Abbreviations used in this report

m/m month on month (e.g. Feb’15 v Jan’15)

q/q quarter on quarter (e.g. Dec’15 qtr v Sept’15 qtr)

y/y year on year

pcp prior corresponding period (e.g. 0.4% pcp Feb’15 means a gain of 0.4% in Feb’15 v Feb’14)

PMI Purchasing Managers Index (unless otherwise stated)

P/E Price to Earnings ratio

GDP Gross Domestic Product (proxy for economic growth)

Interpretative

Manufacturing PMI

In Australia this survey is done by the Australian Industry Group and is known as the Performance of Manufacturing Index. A reading above 50 means that manufacturing output is improving, a reading below 50 means that it is contracting. PMI index data obtained relies on survey participants and so its reliability as a leading indicator is only modest.

By Dr. Riccardo Biondini and Martin Fowler

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Get in touch...

Economic and Market Outlook_Jan19

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Liability limited by a scheme approved under Professional Standards Legislation.

Copyright © 2019. The information provided is not personal advice. It does not take into account the investment objectives, financial situations or needs of any particular investor and should not be relied upon as advice. While the information is provided in good faith and believed to be accurate and reliable at the date of preparation, we will not be held liable for any losses arising from reliance thereon. We recommend investors consult their personal financial adviser to discuss suitability and application to their individual circumstances. Advisors at Pitcher Partners Sydney Wealth Management are authorised representatives of Pitcher Partners Sydney Wealth Management Pty Ltd, AFS & Credit Licence number 336950.

Charlie ViolaPartner, Wealth Management

+61 2 8236 [email protected]

Jordan Kennedy Partner, Wealth Management


Martin Fowler Partner, Wealth Management


Dr. Riccardo BiondiniInvestment Analyst, Wealth Management


John FisherLending Director, Wealth Management


Chris MacKenzieSenior Insurance Advisor, Wealth Management


Andrew WilsonClient Director, Wealth Management


Alexandra SlimmingSenior General Insurance Advisor, Wealth Management


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economic and market outlook - pitcher … · economic and market outlook january 2019 this is...

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